Shanghai (ZXZC)- Volvo Cars Tech Fund recently entered into a collaborative agreement with Shanghai Coway International TechTrans Co., Ltd. ("Shanghai Coway") at the Shanghai Technology Innovation Center ("STIC"), according to a WeChat post from Volvo Cars Tech Fund. The partnership aims to foster the development of the startup ecosystem in Shanghai, leveraging the capital from Volvo Cars Tech Fund as a catalyst to bring together the resources of Shanghai Coway's startup ecosystem.

Photo credit: Volvo Cars

Built on this collaboration, both parties will work together to identify high-quality startups, conduct pre-incubation for selected projects, and provide flexible support in terms of financing and technology commercialization. The goal is to facilitate the successful transformation of startup projects into tangible outcomes, empower concept validation platforms, and establish mechanisms, standards, and norms for empowering startups in various industries, including the new energy sector.

Shanghai Coway, established in 2001 through the joint efforts of the Science and Technology Commission of Shanghai Municipality and Tsinghua University, stands as a pioneer in the operation of international technology transfer and technology commercialization services in China. With years of experience in open innovation services for major enterprises, Shanghai Coway is set to collaborate with Volvo Cars to construct a cooperative ecosystem for startups, focusing on innovative projects in the new energy industry.

This collaboration will further integrate the rich ecological resources and strengths of both parties. A specialized team, composed of experts from various fields such as industry, capital, and technology, will provide early-stage projects with technical/product validation, market validation, business model validation, and innovation resource matching. This empowerment is designed to facilitate concept validation throughout the entire industry chain, helping entrepreneurs adapt to the market more rapidly and deliver business solutions that align with market expectations, ultimately contributing to the construction of a vibrant startup ecosystem.

Established in 2018, Volvo Cars Tech Fund focuses on investing in startups that bring strategic value and competitive advantages to Volvo Cars. Having already invested in various innovative projects in fields such as artificial intelligence, electrification, autonomous driving, and digitalization, the fund, along with the strong local network advantage of Shanghai Coway, aims to further drive the innovative development of startup enterprises in the automotive industry.